APCOA Provides Update on 2021 Results to Date and Outlook

https://www.apcoa.com/press/press-releases/article/apcoa-provides-update-on-2021-results-to-date-and-outlook-1/

STUTTGART (July 9, 2021) – Starting from April and more visibly from mid-May 2021, APCOA has seen signs of recovery across most of its markets as countries witnessed an easing of mobility restrictions that had been put in place in response to the COVID-19 pandemic, including the opening of shopping areas, restaurants and outside events.  Frequencies and movements across all our sectors have been increasing steadily since then. These trends are visible in traffic data from major cities, which shows that traffic is approaching or, in certain cases passing, 2019 levels as mobility continues to trend towards more normalized levels.

Our sales revenue for Q2 2021 positively reflected this trend towards normalization, as customer utilization of our facilities has increased in line with higher mobility rates in general.  Based on unaudited management accounts for April, May and June 2021, our sales revenue was €39.2 million in the month ended April 30, 2021 (69% of our sales revenue for the month ended April 31, 2019), €45.4 million in the month ended May 31, 2021 (75% of our sales revenue for the month ended May 31, 2019) and €52.9 million in the month ended June 30, 2021 (91% of our sales revenue for the month ended June 30, 2019).  This shows a continued positive trend in the recovery of our top line, as certain of the important COVID-19 restrictions in our markets were lifted during the second half of May, in addition to the benefits of the new business won and acquisitions completed in the last two years.

Based on current expectations regarding the easing of COVID-19 restrictions, market dynamics and consumer behaviour (in particular as a result of the easing of restrictions) as well as the expected receipt of state aid in certain jurisdictions, APCOA is expecting its Adjusted EBITDA for fiscal year 2021 to be approximately €40 million after an Adjusted EBITDA of €0.4 million in fiscal year 2020. In addition, APCOA has currently budgeted for total capital expenditures of approximately €25 million in fiscal year 2021.  Assuming a gradual continuation of the recovery from the COVID-19 pandemic, APCOA’s current outlook for its Adjusted EBITDA for fiscal year 2022 is that it will be approximately in line with or slightly above its Adjusted EBITDA for fiscal year 2019, with total capital expenditures expected to be broadly in line with 2021 predicted levels.  The Adjusted EBITDA amounts discussed in this paragraph have been calculated on a pre-IFRS 16 basis.

APCOA’s budget for fiscal year 2021 and outlook for 2022 have been prepared assuming a continuing and gradual recovery from the COVID-19 pandemic over the course of fiscal years 2021 and 2022 and a continued normalized return to 2019 consumer behavior on the back of continued progress in the European vaccination programs and no further need for significant regional, national or European-wide mobility or other restrictions, and therefore is subject to material uncertainty. As demonstrated at the onset of the pandemic, APCOA continues to closely monitor the COVID-19 situation in Europe in order to be able to respond quickly should a change in local restrictions, infection rates or market demand require new actions to protect its business and its market position.  No assurance can be given that our budget or outlook will be realized, and actual results will likely differ from our budget and outlook and these differences may be material. No representation or warranty, express or implied, is made with respect to the accuracy, completeness, likelihood of achievement or reasonableness of our budget or outlook, including the underlying assumptions.  We are not obligated to report any change in our budget or outlook and do not expect to make any updates.  APCOA will continue to prioritize the health and well-being of its employees in the face of the COVID-19 pandemic.  This trading update shall not be deemed to be incorporated by reference in, and should not be used to evaluate, any other informational materials issued by APCOA.

We have not yet finalized our financial or operating data for any periods after the three months ended March 31, 2021. Accordingly, the historical financial information set forth above is not intended to be a comprehensive statement of our financial or operating results for Q2 2021. The preliminary estimates above were prepared based on a number of assumptions and estimates that are subject to inherent uncertainties and subject to change. Accordingly, our actual results for Q2 2021 (or any of the component months thereof) may vary from our unaudited preliminary estimates above, and such variations could be material. We caution that the above information has not been audited or reviewed by our independent auditors and should not be regarded as an indication, forecast or representation by us or any other person regarding our financial performance for the periods discussed above.

Forward-Looking Statements

This press release contains forward-looking statements that are based on current assumptions, opinions, estimates, projections and forecasts of the management of APCOA. All statements, other than statements of historical facts, are forward-looking statements. Any such forward-looking statements involve known and unknown operational, business, economic, regulatory and other risks, uncertainties and other factors that could cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking statements speak only as of the date hereof and reflect APCOA’s current views with respect to future events and are necessarily based upon numerous assumptions that, while considered reasonable by APCOA at the time of preparation, may or may not prove to be correct or necessarily take place. APCOA cautions readers that forward-looking statements including, but not limited to, financial projections, are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which are beyond APCOA’s control, and that no assurance can be given that any particular forward-looking statement or financial projection will be realized, and that actual results may differ from projected results and that such differences may be material. No representation or warranty, express or implied, is made with respect to the accuracy, completeness, likelihood of achievement or reasonableness of such forward-looking statements, including opinions, estimates and projections or their underlying assumptions or opinions. No duty of care is owed or will be deemed to be owed in respect of such information. To the maximum extent permitted by law, any liability, including in respect of direct, indirect or consequential loss or damage suffered (whether foreseeable or not and whether arising from negligence under contract, tort, equity or otherwise), of APCOA or any of its affiliates relating to such information is expressly excluded.


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